Bitcoin has gained 3% in the last 24 hours amid reports upcoming U.S. tariffs on its trading partners will be less dramatic than expected.

The original cryptocurrency climbed from $84,000 to $88,600 between Sunday and Monday morning, after reports over the weekend that President Donald Trump will opt for more narrow tariffs than he had previously Ethereum up 4%, XRP up 2%, and Solana up 8%. The stock market is also reacting positively to the news, with both the Nasdaq and the S&P 500 indexes up 2% in the last 24 hours.

“This development has alleviated some market uncertainties, leading to increased investor confidence and a positive response in both cryptocurrency and equity markets,” Greer said.

The crypto market has been under pressure since Trump took office due in part to the president’s on-again-off-again tariff policy which has introduced a high degree of economic uncertainty in the market, and led investors to flee risky assets. The tariffs are expected to increase the price of foreign goods, likely leading to inflation. Since hitting an all-time high of $109,000 in January, Bitcoin has fallen to $78,000 this month in a crypto market sell-off brought on by fears that Trump’s aggressive economic policy will trigger a recession.

While the economic uncertainty has led to widespread fear among investors, Colin Closser, investor relations manager at crypto wallet company Exodus, told Fortune that he is unsurprised by the crypto market’s reaction to Trump’s aggressive policies.

“I expect markets to show emotion and volatility during times of change and stress in the United States, and you can see that volatility in Bitcoin this morning,” he said.

March 24, 2025: This story has been updated with additional comment from the White House

This story was originally featured on Fortune.com